NAME KEY
QUICKBOOKS® 2013:
A COMPLETE COURSE
EXAM CHAPTERS 5-7
TRUE/FALSE:
ANSWER THE FOLLOWING QUESTIONS IN THE SPACE PROVIDED BEFORE THE
QUESTION NUMBER.
the customer the amount of the bank charges and any penalty charges you
impose.
as an expense.
sales taxes to the appropriate agency when using the Pay Sales Tax feature
of the program.
money, a refund check is issued along with a credit memo.
be applied to a payment to the same vendor.
register or in the General Journal.
EXAM KEY
2
QUICKBOOKS® 2013: A COMPLETE COURSE
the sale is placed into the Undeposited Funds account. When the actual bank
deposit is made, the amount is deposited into the checking or bank account
and bank fees for the charge cards are deducted directly from the bank
account.
account to the most current invoice.
earnings.
Goods Sold Merchandise Discounts account to record the discount.
discounts to be applied to invoices being paid by clicking Cancel.
discount term.
MULTIPLE CHOICE
WRITE THE LETTER OF THE CORRECT ANSWER IN THE SPACE PROVIDED
BEFORE THE QUESTION NUMBER.
for the period.
A. cash
B. credit
C. accrual
D. debit/credit
EXAM CHAPTERS 5-7—KEY EXAM
3
you must .
A. print the report in landscape orientation
B. use Fit report to one page wide option
C. change the column width manually
D. all of the above
A. voided
B. deleted
C. corrected
D. printed
.
A. petty cash
B. office supplies
C. sales discounts
D. accounts payable
account.
A. Income account: Purchases Discounts
B. Expense account: Sales Discounts
C. Cost of goods sold account: Merchandise Discounts
D. Asset account: Inventory Asset
credit memo is prepared and .
A. a refund check is issued
B. the amount of the return may be applied to the balance owed for the
invoice
C. the customer determines whether to apply the amount to the balance
owed or get a refund check
D. all of the above
A. in order to print a check
B. when you enter a bill
C. after the bank reconciliation is complete
D. after the credit card reconciliation is complete
EXAM KEY
4
QUICKBOOKS® 2013: A COMPLETE COURSE
©2014 Pearson Education, Inc. publishing as Prentice Hall
order for QuickBooks to calculate the sales discount on the entire sale.
A. Subtotal
B. last sales item
C. no special item is required
D. QuickBooks does not calculate the discount, it must be computed
manually
appear in the .
A. Profit & Loss Statement
B. Balance Sheet
C. both A and B
D. neither A nor B
QuickBooks .
A. denies the transaction
B. automatically approves the transaction
C. provides a dialog box allowing you to approve the transaction
D. requires you to change the customer’s account limit
invoices and sales receipts, QuickBooks keeps track of all transactions .
A. in a chart
B. in the master register
C. on a graph
D. in the Journal
A. income and expenses
B. cost of goods sold
C. all balance sheet accounts
D. both A and B above
A. none
B. summary
C. detailed
D. complete
EXAM CHAPTERS 5-7—KEY EXAM
5
purchase, and the .
A. cost of the asset
B. asset account to use
C. description of the asset
D. All of the above
Bills window, you may and the bills will be marked “Paid.”.
A. write checks to pay bills
B. use a credit card to pay bills
C. use the pay bills feature so QuickBooks will write the checks or prepare
the credit card charges
D. all of the above
QuickBooks will .
A. record the bill for the full amount ordered
B. record the bill only for the amount received
C. not allow the bill to be prepared until all the merchandise is received
D. close the purchase order
correct amount of the sales discount is calculated .
A. automatically by QuickBooks on the full amount
B. automatically by QuickBooks on the amount due after the credit is
subtracted
C. manually by using QuickMath
D. all of the above
A. allows you to establish a separate account for each owner’s withdrawals
B. requires that all owner withdrawals are combined within the same account
C. deducts the amount of withdrawals from retained earnings
D. does not allow owner withdrawals because each partner who works in the
business earns a salary
A. LIFO
B. average cost
C. FIFO
D. Actual Cost
EXAM KEY
6
QUICKBOOKS® 2013: A COMPLETE COURSE
A. immediately
B. the beginning of next month
C. as soon as outstanding purchase orders are received
D. the beginning of the next fiscal year
FILL-IN
IN THE SPACE PROVIDED, WRITE THE ANSWER THAT MOST APPROPRIATELY
COMPLETES THE SENTENCE.
41. When receiving payments from customers, QuickBooks places the amount received
sales tax owed.
the item immediately before a nonprofit discount.
form.
46. Purchase, Sales, and Inventory information must be entered when creating a(n)
47. Changes to an inventory quantity are made by clicking the Inventory Activities icon
will cause QuickBooks to calculate and enter the correct information in the Amount
column of the invoice.
50. In the Vendor Center, expense accounts for vendors are assigned using the